AROUND THE GULF

Lat­est de­vel­op­ments across the re­gion

Oil & Gas Middle East - - NEWS -

1. BAHRAIN

Bahrain’s new float­ing LNG im­port and re-gasi­fi­ca­tion ter­mi­nal will re­ceive its first cargo in Fe­bru­ary or March 2019 from ADNOC, ac­cord­ing to Bahrain’s oil min­is­ter. All car­goes will be bought from the spot mar­ket, and no other car­goes have been awarded yet. The Bahrain LNG project has a ca­pac­ity of 0.8 bcf per day, and the coun­try con­sumes ap­prox­i­mately 1.5 bcf per day.

2. SAUDIARA­BIA

Al­most $400bn will be spent on Saudi Aramco’s In King­dom To­tal Value Add (IKTVA) pro­gram in the next 10 years. IKTVA is an ini­tia­tive aim­ing to de­velop Saudi Ara­bia’s en­ergy in­fra­struc­ture and to de­velop its lo­cal work­force. As part of this pro­gram, 360,000 trainees will be taught at 30 Saudi Aramco train­ing cen­tres and will be pre­pared to en­ter the la­bor mar­ket by 2030.

3. UAE

ADNOC will in­vest $1.4bn to ex­pand its giant Bu Hasa field, in­creas­ing pro­duc­tion from 550,000 bar­rels of oil per day (bpd) to 650,000 bpd. This is part of the com­pany’s plan to in­crease oil pro­duc­tion ca­pac­ity to 4mbpd by 2020. ADNOC sub­sidiary ADNOC On­shore awarded an EPC con­tract to Tec­ni­cas Re­u­nidas to up­grade to field. Work is ex­pected to take 39 months.

4.KUWAIT

Kuwait Oil Com­pany has re­port­edly awarded con­tracts worth $1.3bn for the con­struc­tion of 86 rigs to lo­cal firms and Chi­nese, Amer­i­can and Ital­ian com­pa­nies. Kuwaiti news­pa­per Alanba re­ported that KOC CEO Ja­mal Jaa­far said this was part of the com­pany’s strat­egy to pro­duce 3.65mn bar­rels of oil per day. The win­ning com­pa­nies were not dis­closed, but Jaa­far said that 12 com­pa­nies pre­qual­i­fied.

5. OMAN

Oman Oil Co and Oman Oil Re­finer­ies and Petroleum In­dus­tries Co (ORPIC) merged their down­stream busi­nesses and ap­pointed Musab al-mahruqi as the CEO of the new en­tity. He was the chief ex­ec­u­tive of ORPIC from 2010 un­til 2016, and will over­see the merger. Mo­hammed bin Hamed Al Rumhy, chair­man of OOC & Orpic, said the merger “pro­vides a solid plat­form for our am­bi­tious growth plans.”

6. IRAQ

The US gov­ern­ment granted Iraq a 45-day waiver from Iran sanc­tions, ac­cord­ing to the US Em­bassy in Iraq. “This relief gives Iraq time to start tak­ing steps to­wards en­ergy in­de­pen­dence,” the em­bassy said in a video an­nounc­ing the waiver. The coun­try will be able to im­port nat­u­ral gas and elec­tric­ity from

Iran dur­ing this pe­riod, pro­vided it does not pay for these im­ports in US dol­lars.

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